"We care more about our NAV per share versus our market capitalization."

Thank you! Somebody in the oil patch actually gets it!

The above quote is from Range Resources' (NYSE:RRC) year-end conference call. After Whiting Petroleum's (NYSE:WLL) dreadful dilution and Petrohawk's (NYSE:HK) sleazy stunt, I find these words very refreshing.

If you're not familiar with Range, they're one of the shops that cut their chops in the Barnett shale, alongside folks like Devon Energy (NYSE:DVN) and Chesapeake Energy (NYSE:CHK). They've since moved on to other shale plays like the Marcellus. Actually, Range generated the Marcellus idea way back in 2004 -- before its Barnett entrance -- but is only just now ramping up production in the next great gas play. The company's Marcellus production is expected to triple in 2009.

That production growth is coming off of a low base, so it's not as though Range is just tossing cash around here. In fact, the firm is only putting three to six rigs to work in the play. Range has proven itself to be very cost-conscious over the years, and proudly points to Bank of America (NYSE:BAC) research showing that the firm has had the lowest or second-lowest all-in cost structure in its peer group for the last four years running.

Range's cash operating margin ran at 70% in 2008. With 81% of natural gas production hedged at attractive levels, and the cost of services offered by the likes of Baker Hughes (NYSE:BHI) plummeting, 2009 ought to be another fine year for this outfit.

With fewer than 500 ratings, Range Resources remains off the radar of most Motley Fool CAPS players. Check out what others have to say or share your own opinion of the unheralded E&P right here.

Chesapeake Energy is a Motley Fool Inside Value selection. Pump up your portfolio with a free 30-day trial of any our Foolish newsletters.

Fool contributor Toby Shute is active in CAPS under the name TMFSmashy, but doesn't have a position in any company mentioned. The Motley Fool has a disclosure policy.